BEIJING - China National Gold Group Corp (CNGGC), the country's leading gold producer, said on Tuesday that its output reached a record high of 16.9 tons during the first five months of the year, up 8.93 percent year on year.

Despite low gold prices, the company made 515 million yuan ($78.27 million) in profits during the period.

China's gold industry is in a downturn. Revenues of the top 10 gold companies amounted to 86.4 billion yuan during the first quarter, down 1.88 percent from one year earlier.

The gold industry is faced with not only complex and demanding challenges, but also great development opportunities, said Song Xin, general manager of CNGGC.

Technological innovation is the most effective way to improve gold producers' competitiveness, Song said, adding that the company will continue to enhance its innovation capacity.